Tribune News Network
Doha
The Qatar National Bank (QNB) has posted a net profit of QR8.2 billion ($2.2 billion) for the first six months of 2024, prompting the Middle East and Africa’s largest financial institution to authorise an interim cash dividend of QR0.33 per share.
The dividend — 33 per cent of the nominal share value — is payable to eligible shareholders as at the close of trading on July 17, 2024.
The proposed interim cash dividend distribution is subject to approval by the Qatar Central Bank (QCB).
This interim dividend proposal is a first ever in QNB’s 60-year history and primarily aims to reward QNB’s long-term shareholders.
QNB’s net profit of QR8.2 billion is an improvement of 7 per cent compared to same period last year. Operating Income increased by 9 per cent to reach QR20.1 billion ($5.5 billion) which reflects the Group’s ability to maintain growth across a range of revenue sources.
Total assets as at June 30, 2024, reached QR1,261 billion ($346 billion), an increase of 5 per cent from June 30, 2023, mainly driven by good growth in loans and advances by 7 per cent to reach QR879 billion ($242 billion).
Diversified customer deposits generation helped to increase customer deposits by 6 percent to reach QR891 billion ($245 billion) from June 30, 2023. QNB’s loans to deposits ratio stood at 98.7 per cent as at June 30, 2024.
QNB Group’s efficiency (cost to income) ratio stood at 22.4 per cent, which is considered one of the best ratios among large financial institutions in the MEA region.
The ratio of non-performing loans to gross loans stood at 3 per cent as at 30 June 2024, one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk. In addition, loan loss coverage ratio reached 100 per cent, which reflects the prudent approach adopted by the Group towards non-performing loans.
QNB Group’s Capital Adequacy Ratio (CAR) as at June 30, 2024, amounted to 19.2 per cent.Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as at June 30, 2024, amounted to 185 per cent and 105 per cent respectively. These ratios are higher than the regulatory minimum requirements of the Qatar Central Bank and Basel III requirements.
Total Equity increased to QR110 billion ($30 billion), up by 6 per cent from June 2023. Earnings per share reached QR0.82 ($0.22).
QNB Group is present in more than 28 countries across three continents, operating from approximately 900 locations. It has a network of 5,000 ATMs and is supported by 30,000 staff.
